Answered: Calculate the amount of bills…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Calculate the amount of bills receivable dishonoured from the following information.

Opening balance of bills receivable............... 1,20,000
Bills collected (honoured)..........................1,85,000
Bills receivable endorsed........................... 22,800
Closing balance of bills receivable............ 50,700
Bills receivable received................................. 1,50,000

Expert Solution

Step 1

Bills Receivable A/C
Date	Particulars	Amount	Date	Particulars	Amount
	To Balance b/d	$120, 000$		By Cash (Bills collected)	$185, 000$
	To Debtor (Bills received)	$150, 000$		By Bills Endorsed	$22, 800$
				By Debtors (Bills dishonoured)(Balancing Figure)	$11, 500$
				By Balance c/d	$50, 700$
	Total	$270, 000$		Total	$270, 000$

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